YGN palm oil wholesale reference price remains stable for three weeks

According to the Supervi­sory Committee on edible oil import and distribution, the wholesale reference rate of palm oil for the Yangon market has stayed the same for three weeks.


The rate has remained un­changed at K4,955 per viss from the last week of December to the second week of January, ending 14 January 2024.


The Supervisory Commit­tee on edible oil import and dis­tribution under the Ministry of Commerce has been closely observing the FOB prices in Malaysia and Indonesia and issuing the wholesale market reference rate for edible oil weekly by considering the fol­lowing factors: transport costs, tariffs and banking services.


Nevertheless, the market price is way higher than the reference price.


To control overcharging, the Consumer Affairs Depart­ment under the Ministry of Com­merce informed the consumers of lodging the complaints for overcharging through the call centre’s hotline in late August 2023. The Department urged consumers not to buy palm oil at high prices.


The Department is making concerted efforts to steer the high volatility in palm oil prices in the retail market and offer fairer prices to consumers in coordination with the Myanmar Edible Oil Dealers Association and oil importing companies.


The complaints for over­charging can be lodged over hotline 1535 of the call centre of the Consumers Affairs Depart­ment or sent to the Facebook page of the Department and the region and state departments concerned. The domestic palm oil consumption is estimated at 1 million tonnes per year. The local palm oil production is just about 400,000 tonnes.


About 700,000 tonnes of palm oil are imported yearly through Malaysia and Indonesia to meet domestic demands. — NN/EM